Gold glitters, as dollar weakens

Gold added to gains on Tuesday after trading marginally lower during morning trade on weak dollar. However, investors are cautious against taking any major positions, as they await direction from the US Federal Reserve Policy which is to meet today.

The bullion market may continue to remain ragebound on sluggish physical demand.

Gold for April delivery rose on the Multi Commodity Exchange (MCX) by Rs 39 to Rs 27,927 per 10 grams at 2:10 pm IST. It opened low at Rs 27,927 per 10 grams and dipped further to Rs 27,800 per 10 grams.

While the metal for June delivery dipped by Rs 64 to a level of Rs 28,493 per 10 grams same time. Overseas spot gold stood at US$ 1,675 a troy ounce.

Silver for May delivery was seen trading lower in today's trade by Rs 380 at Rs 57,215 per kgs.